Plink, plink, FIS: new funding & investment remedies administered

The Department for Work and Pensions (DWP) has announced the outcome of proposed reforms to the defined benefit (DB) funding rules, addressing concerns that the new regime will be unduly restrictive. Final Regulations have been laid before Parliament, with the expectation that they will come into force on 6 April 2024, and apply to valuations with effective dates from 22 September onwards.

The Regulator’s guide to the private-markets galaxy

The Pensions Regulator has published guidance for trustees on private-market investments. It says, in summary, that such investments can contribute to good member outcomes, if trustees consider their options properly and have the right governance systems in place.

HMRC newsletters: January 2024

Pension Schemes Newsletter 155 confirms that His Majesty’s Revenue and Customs (HMRC) is aware of potential problems with some of the clauses in the Finance Bill 2023/24 concerned with the abolition of the lifetime allowance from 6 April 2024. It is considering whether changes are required.

Pension increase & revaluation news

Updates on GMPs in payment and Public Sector.

Post-Brexit re-write for PPF valuation guidance

The Pension Protection Fund (PPF) has updated its suite of valuation guidance, effective from 1 January 2024. It was prompted by the changed status of EU-derived law, specifically the court decisions in the Hampshire, Hughes and Bauer.

The PPF, the FAS, and the terminally ill

The Pensions (Special Rules for End of Life) Bill, a Private Member's Bill sponsored by Laurence Robertson MP, is due for a Second Reading on 2 February, and seems to have Government support. It would change the Pension Protection Fund (PPF) and Financial Assistance Scheme (FAS)’s definitions of 'terminally ill', so that they apply in future to people with life expectancy of less than a year, rather than (as at present) six months. The change would mirror one made recently in connection with social security benefits.

This communication has been compiled by Hymans Robertson LLP, and is based upon their understanding of legislation and events as at the date of publication. It is designed to be a general information summary and may be subject to change. It is not a definitive analysis of the subject covered or specific to the circumstances of any particular employer, pension scheme or individual. The information contained is not intended to constitute advice, and should not be considered a substitute for specific advice in relation to individual circumstances. Where the subject of this document involves legal issues you may wish to take legal advice. Hymans Robertson LLP accepts no liability for errors or omissions or reliance on any statement or opinion.